MIRA INFORM REPORT
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Report No. : |
352759 |
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Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
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Name : |
Chuzhou Donlim
Electrical Appliances Co., Ltd. |
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Registered Office : |
No. 1777, Yangzi East Road, Chuzhou, Anhui Province, 239000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.04.2010 |
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Credibility Code
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913411005545532562 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Design, manufacturing, processing and selling home appliance and
components; design, manufacturing and selling household appliances mold and
certification testing services of household appliances. (Any project that
needs to be approved by law can only be carried out after getting approval by
relevant authorities.) |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name & address
Chuzhou Donlim Electrical Appliances Co., Ltd.
No. 1777, yangzi east road, chuzhou, anhui
PROVINCE, 239000 PR CHINA
TEL: 86 (0) 550-2185308 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : aPR. 23, 2010
CREDIBILITY CODE :
913411005545532562
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. GUO JIANQIANG (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
N/A
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE :
MANUFACTURING, PROCESSING & TRADING
TURNOVER :
N/A
EQUITIES :
CNY 80,752,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.40 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a One-person Limited Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Apr. 23, 2010.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only invest
in and set up one limited liability company, which is not permitted to
invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes design, manufacturing,
processing and selling home appliance and components; design, manufacturing and
selling household appliances mold and certification testing services of
household appliances. (Any project that needs to be approved by law can only be
carried out after getting approval by relevant authorities.)
SC is mainly engaged in manufacturing, processing and selling home
appliance and components.
Mr. Guo Jianqiang is legal representative, chairman and general manager
of SC at present.
SC’s management declined to disclose its staff strength.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Chuzhou. The
detailed information of the premise is unspecified.
SC is not known to host website of its own at present.
Email: huangnana@donlim.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 554553256
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. 100
Reg. no.: 440000400003206
Legal representative: Guo Jian’gang
Incorporation date: 1995-12-11
It is a listed company in Shenzhen Stock Exchange Market with the code
of 002705.
Tel: 0757-25336206
Fax: 0757-25521283
Legal
representative, Chairman and General manager:
Mr. Guo Jianqiang (郭建强), born in 1968
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Also working in Guangdong Xinbao Electrical Appliances Holdings Co.,
Ltd. as vice-chairman and in Guangdong Donlim Electrical Appliances Co., Ltd.
as legal representative
Supervisor:
Tong Yonghua
SC is mainly engaged in manufacturing, processing and selling home
appliance and components.
SC’s products mainly include: home appliance and components.
Trademarks &
patents: N/A
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
Guangdong Donlim Electrical Appliances Co., Ltd.
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Reg. no.: 440681000177157
Legal representative: Guo Jianqiang
Incorporation date: 2009-09-24
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and ability
to pay. It is based on the 3 weighed
factors: Trade payment experience
(through current enquiry with SC's suppliers), our delinquent payment and our
debt collection record concerning SC.
Trade payment experience : SC did not provide any name of trade/service
suppliers and we have no other sources to conduct the enquiry at present.
Delinquent payment record : None
in our database.
Debt collection record :No overdue amount owed by SC was placed to us for
collection within the last 6 years.
SC’s management declined to release whether it has account in China
Construction Bank.
Financial
Information
Unit: CNY’000
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as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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Total liabilities |
122,452 |
197,012 |
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Shareholders equities |
96,813 |
80,752 |
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Total Assets |
219,265 |
277,764 |
Note:
SC’s management declined to release its detailed financial information.
Important
Ratios
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as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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*Liabilities to assets |
0.56 |
0.71 |
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC was established in 2010, taking into consideration of SC’s general
performance, reputation as well as market conditions we would rate SC as an
average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.63 |
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1 |
Rs.100.65 |
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Euro |
1 |
Rs.72.40 |
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CNY |
1 |
Rs.10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.